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Estonians enjoy living on credit

2012-11-14

From wire reports

TALLINN - A study by the Estonian Market Research Institute indicates that as of this autumn, 43 percent of Estonian residents have taken out a loan, reports Public Broadcasting. Every 5th resident has a home loan, every 8th has used a credit card and every 10th has a vehicle leasing contract, the study by Swedbank Institute of Private Finances and Estonian Market Research Institute indicate.Men take loans more frequently as car leasing, home loans and installment payments, whereas women borrow through credit card or small loans.

The share of taking loans was highest among people at the age of 30-49 years and with higher incomes.Half of the people who have taken out a loan say it is fully manageable for them, and nearly a third said it was manageable.When payment problems occur, people put their hopes for help on family members and relatives. More than every second loan-taker admitted that they hadn’t saved up for unexpected situations.The majority of people have loan obligations amounting to 30 percent of income, while every 8th has to make frequent efforts to pay back their loan, and 2 percent can pay back the loan with very big effort or not at all.

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